Press Release

For release at 10:00 a.m. EDT

On August 24, 2009, the Federal Reserve conducted an auction of $100 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate:

0.250 percent

Total propositions submitted:

$73.404 billion

Total propositions accepted:

$73.404 billion

Bid/cover ratio:

0.73

Number of bidders:

97

The awarded loans will settle on August 27, 2009, and will mature on September 24, 2009. The stop-out rate shown above will apply to all awarded loans.

Institutions that submitted winning bids will be contacted by their respective Reserve Banks by 11:30 a.m. EDT on August 25, 2009. Participants have until 12:30 p.m. EDT on August 25, 2009, to inform their local Reserve Bank of any error.